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\frac{15}{24}-\frac{14}{24}+\frac{1}{4}
Least common multiple of 8 and 12 is 24. Convert \frac{5}{8} and \frac{7}{12} to fractions with denominator 24.
\frac{15-14}{24}+\frac{1}{4}
Since \frac{15}{24} and \frac{14}{24} have the same denominator, subtract them by subtracting their numerators.
\frac{1}{24}+\frac{1}{4}
Subtract 14 from 15 to get 1.
\frac{1}{24}+\frac{6}{24}
Least common multiple of 24 and 4 is 24. Convert \frac{1}{24} and \frac{1}{4} to fractions with denominator 24.
\frac{1+6}{24}
Since \frac{1}{24} and \frac{6}{24} have the same denominator, add them by adding their numerators.
\frac{7}{24}
Add 1 and 6 to get 7.